Market Analysis of XAUUSD, Monday 13 May 2024

2024-05-13 20:30Source:BtcDana

The price is in line with my previous expectations, pulling back towards the broken level. XAUUSD is currently testing the previous daily low. If there is a false breakout of the PDL, it could signal a bullish trend continuation. However, there is still a possibility that the price may drop to a lower level around 2330. I anticipate that the price action will create a small range zone just below the channel border before breaking through. I am looking  for the price to test the support level at 2340, and if it bounces back, we can consider a buy confirmation. My target is the resistance zone around 2383.

 

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Gold prices fell on Monday, as investors awaited key U.S. inflation data due later this week, which could shed light on the timing of the Federal Reserve's first rate cut.

 

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